London Whale Didn't Go Rogue, Computer Crushes Brokerage Firm

Receiving Wide Coverage ...

The Computer Is Killing Brokerage Firms: Trading firm Knight Capital suffered $440 million in losses after its new software system went crazy and swamped the stock market with errant trades. The Times reports Knight bumped up against a deadline and used the software, designed to take advantage of a new Wall Street trading venue, before it had to time to work out the glitches. Fortunately, the market handled the malfunction; it was...